SunTrust Bank Supports SMEs with N23.96bn loans and advances

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SunTrust Bank Supports SMEs with N23.96bn loans and advances
Halima Buba MD CEO SunTrust Bank

According to Its 2019 annual report, SunTrust Bank gave out N23.96bn as loans and advances to the SME sector in 2019. This is in demonstration of its commitment to make the growth of the small and medium scale enterprises its primary focus,

While addressing shareholders at the bank’s fourth Annual General Meeting in Lagos, The Chairman of the bank, Olanrewaju Shittu, , noted that the bank had been able to increase its balance sheet by 24.61 per cent from N43.97bn to N54.79bn.

The Managing Director and Chief Executive of the bank, Halima Buba, reiterated the commitment of the bank to the growth of the nation’s economy through effective funding of the real sector.

She noted that the bank had increased loans and advances by 185.41 per cent from N8.4bn to N23.96bn.

“I am assuring you that we will surely do more because we are committed to the growth of the real sector, knowing fully well that, that is the only means to ensure effective growth and development of our nation’s economy,” she said.

Delighted that customers had significantly increased their deposit to the bank to the tune of N25.7bn, an increase of 38.03 per cent, Buba assured that as the bank grew, more funds would be set aside for corporate social responsibility.

She said, “The bank increased the headcount to ensure increased business growth higher than previous year. This, amongst others, caused increase in customer deposits compared with previous year by 38.03 per cent from N18.64bn to N25.73bn and a growth in the bank’s total assets from N43.97bn to N54.79bn.”

Expressing optimism about the future, the MD/CEO said the bank would take advantage of opportunities presented in the coming financial year to improve earnings, profitability and asset quality.

 

 

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